Assessment 5: Attempt review https://cas.myexams.unisa.ac.za/mod/quiz/review.php?attempt=2400
Dashboard Calendar
Dashboard / My courses / AUE2602-24-S2 / AUE2602 Assessment 5 / Assessment 5
Started on Wednesday, 23 October 2024, 2:00 PM
State Finished
Completed on Wednesday, 23 October 2024, 2:23 PM
Time taken 23 mins 9 secs
Marks 60/60
Grade 100 out of 100
Question 1
Correct
Mark 2 out of 2
You are the audit senior assigned to the audit of TeleBuz Limited (TeleBuz), an airtime wholesale company based in Johannesburg.
You obtain an understanding of the process followed by the company to pay their suppliers. TeleBuz purchases airtime in bulk from the
different network providers in South Africa and also purchases printing paper in bulk upon which its clients print their airtime vouchers.
As part of control procedures, the creditors clerk compares the following on the supplier invoice to the signed supplier delivery note:
- Only goods ordered were received and accepted.
- The quantity ordered, received and invoiced reconcile with each other.
- The prices on the supplier invoice are accurate in terms of the purchase order.
- Casting on the invoice and VAT is accurate.
Which one of the following alternatives best describes the control objective(s) achieved by the above-mentioned procedure performed
by the creditors clerk at TeleBuz?
Select one:
a. Occurrence and accuracy of invoicing for payment
b. Cut-off of invoicing for payment
c. Classification of invoicing for payment
d. Accuracy and completeness of invoicing for payment
The correct answer is: Accuracy and completeness of invoicing for payment
1 of 23 2024/10/23, 14
,Assessment 5: Attempt review https://cas.myexams.unisa.ac.za/mod/quiz/review.php?attempt=2400
Question 2
Correct
Mark 2 out of 2
Dashboard Calendar
There has been a spike in phishing attacks, Malspams and ransomware attacks as COVID-19 is used as bait to impersonate brands,
Dashboard / My courses
thereby misleading / AUE2602-24-S2
employees / AUE2602
and customers. To whomAssessment 5 / Assessment
should the responsibility 5
for implementation and execution of effective
technology and information management in an organisation be delegated?
Select one:
a. The Board
b. The Information and communications technology (ICT) of the organisation
c. Management
d. The Chief Information Officer
The correct answer is: Management
Question 3
Correct
Mark 2 out of 2
Select the correct alternative relating to the disclosures required regarding the duties of the audit committee in terms of the King IV
Report. In addition to the required statutory disclosure recommended for all the committees of the governing body, the following
should be disclosed in relation to the audit committee:
1) a statement as to whether the audit committee is satisfied that the external auditor is independent of the organisation
2) the audit committee’s views on resolving disputes relating to the company’s operations
3) the audit committee’s views on the quality of the external audit
4) the audit committee’s views on the effectiveness of the chief audit executive and the arrangements for internal audit
5) the audit committee’s views on the process for determining the accounting principles to be applied in the annual financial
statements
6) the arrangements in place for combined assurance and the audit committee’s views on its effectiveness
Select one:
a. 1, 3, 4 and 6
b. 2, 3, 4, 5 and 6
c. 1, 4 and 6
d. 1, 3, 4, 5 and 6
The correct answer is: 1, 3, 4 and 6
2 of 23 2024/10/23, 14
,Assessment 5: Attempt review https://cas.myexams.unisa.ac.za/mod/quiz/review.php?attempt=2400
Question 4
Correct
Mark 2 out of 2
Dashboard Calendar
1. Green-Green Market Ltd is a wholesaler supplying fresh fruits and vegetables to a number of large retail grocery stores across
Dashboard / My courses / AUE2602-24-S2 / AUE2602 Assessment 5 / Assessment 5
South Africa. Green-Green Market Ltd purchases inventory (fruits and vegetables) directly from farmers and repackage the fruits and
vegetables into smaller units for household consumption, before sales to retail stores take place. The following control procedure takes
place in the acquisition and payments cycle:
On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, signs the goods received note to acknowledge
acceptance of the goods.
Which one of the following alternatives best describes the correct control procedure?
a. Reference: Richard, Roets, Adams and West (2021:11/11)
E. On transfer of goods from
the receiving bay to the
warehouse, the stores clerk, Mr It is correct that the stores clerk (also called the warehouse clerk) should sign for
Stork, compares the physical acceptance of goods within the store/warehouse area, however, they must first do a
goods to the goods received comparison of the physical goods to the GRN before signing for them, to confirm that all
note before signing the goods goods that the receiving clerk said are being moved to the stores, are in fact being
received note to acknowledge received by the store clerk.
acceptance of the goods.
b. A. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, performs at least a superficial test of
the condition of the goods, before signing the goods received note to acknowledge acceptance of the goods.
c. D. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, signs the delivery note to acknowledge
acceptance of the goods.
d. B. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, should accept inventory short
delivered but identify such goods clearly on the goods received note, before both parties (the deliverer and the receiver)
sign for the amendments made.
e. C. On transfer of goods from the receiving bay to the warehouse, the receiving clerk, Mr Stork, signs the goods received note to
acknowledge acceptance of the goods.
Your answer is correct.
The correct answer is:
E. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, compares the physical goods to the goods
received note before signing the goods received note to acknowledge acceptance of the goods.
3 of 23 2024/10/23, 14
Dashboard Calendar
Dashboard / My courses / AUE2602-24-S2 / AUE2602 Assessment 5 / Assessment 5
Started on Wednesday, 23 October 2024, 2:00 PM
State Finished
Completed on Wednesday, 23 October 2024, 2:23 PM
Time taken 23 mins 9 secs
Marks 60/60
Grade 100 out of 100
Question 1
Correct
Mark 2 out of 2
You are the audit senior assigned to the audit of TeleBuz Limited (TeleBuz), an airtime wholesale company based in Johannesburg.
You obtain an understanding of the process followed by the company to pay their suppliers. TeleBuz purchases airtime in bulk from the
different network providers in South Africa and also purchases printing paper in bulk upon which its clients print their airtime vouchers.
As part of control procedures, the creditors clerk compares the following on the supplier invoice to the signed supplier delivery note:
- Only goods ordered were received and accepted.
- The quantity ordered, received and invoiced reconcile with each other.
- The prices on the supplier invoice are accurate in terms of the purchase order.
- Casting on the invoice and VAT is accurate.
Which one of the following alternatives best describes the control objective(s) achieved by the above-mentioned procedure performed
by the creditors clerk at TeleBuz?
Select one:
a. Occurrence and accuracy of invoicing for payment
b. Cut-off of invoicing for payment
c. Classification of invoicing for payment
d. Accuracy and completeness of invoicing for payment
The correct answer is: Accuracy and completeness of invoicing for payment
1 of 23 2024/10/23, 14
,Assessment 5: Attempt review https://cas.myexams.unisa.ac.za/mod/quiz/review.php?attempt=2400
Question 2
Correct
Mark 2 out of 2
Dashboard Calendar
There has been a spike in phishing attacks, Malspams and ransomware attacks as COVID-19 is used as bait to impersonate brands,
Dashboard / My courses
thereby misleading / AUE2602-24-S2
employees / AUE2602
and customers. To whomAssessment 5 / Assessment
should the responsibility 5
for implementation and execution of effective
technology and information management in an organisation be delegated?
Select one:
a. The Board
b. The Information and communications technology (ICT) of the organisation
c. Management
d. The Chief Information Officer
The correct answer is: Management
Question 3
Correct
Mark 2 out of 2
Select the correct alternative relating to the disclosures required regarding the duties of the audit committee in terms of the King IV
Report. In addition to the required statutory disclosure recommended for all the committees of the governing body, the following
should be disclosed in relation to the audit committee:
1) a statement as to whether the audit committee is satisfied that the external auditor is independent of the organisation
2) the audit committee’s views on resolving disputes relating to the company’s operations
3) the audit committee’s views on the quality of the external audit
4) the audit committee’s views on the effectiveness of the chief audit executive and the arrangements for internal audit
5) the audit committee’s views on the process for determining the accounting principles to be applied in the annual financial
statements
6) the arrangements in place for combined assurance and the audit committee’s views on its effectiveness
Select one:
a. 1, 3, 4 and 6
b. 2, 3, 4, 5 and 6
c. 1, 4 and 6
d. 1, 3, 4, 5 and 6
The correct answer is: 1, 3, 4 and 6
2 of 23 2024/10/23, 14
,Assessment 5: Attempt review https://cas.myexams.unisa.ac.za/mod/quiz/review.php?attempt=2400
Question 4
Correct
Mark 2 out of 2
Dashboard Calendar
1. Green-Green Market Ltd is a wholesaler supplying fresh fruits and vegetables to a number of large retail grocery stores across
Dashboard / My courses / AUE2602-24-S2 / AUE2602 Assessment 5 / Assessment 5
South Africa. Green-Green Market Ltd purchases inventory (fruits and vegetables) directly from farmers and repackage the fruits and
vegetables into smaller units for household consumption, before sales to retail stores take place. The following control procedure takes
place in the acquisition and payments cycle:
On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, signs the goods received note to acknowledge
acceptance of the goods.
Which one of the following alternatives best describes the correct control procedure?
a. Reference: Richard, Roets, Adams and West (2021:11/11)
E. On transfer of goods from
the receiving bay to the
warehouse, the stores clerk, Mr It is correct that the stores clerk (also called the warehouse clerk) should sign for
Stork, compares the physical acceptance of goods within the store/warehouse area, however, they must first do a
goods to the goods received comparison of the physical goods to the GRN before signing for them, to confirm that all
note before signing the goods goods that the receiving clerk said are being moved to the stores, are in fact being
received note to acknowledge received by the store clerk.
acceptance of the goods.
b. A. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, performs at least a superficial test of
the condition of the goods, before signing the goods received note to acknowledge acceptance of the goods.
c. D. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, signs the delivery note to acknowledge
acceptance of the goods.
d. B. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, should accept inventory short
delivered but identify such goods clearly on the goods received note, before both parties (the deliverer and the receiver)
sign for the amendments made.
e. C. On transfer of goods from the receiving bay to the warehouse, the receiving clerk, Mr Stork, signs the goods received note to
acknowledge acceptance of the goods.
Your answer is correct.
The correct answer is:
E. On transfer of goods from the receiving bay to the warehouse, the stores clerk, Mr Stork, compares the physical goods to the goods
received note before signing the goods received note to acknowledge acceptance of the goods.
3 of 23 2024/10/23, 14
